FEATURED ARTICLES ABOUT SAHARA INDIA - PAGE 3

NEW DELHI: Facing tough times in its attempt to get its Chief Subrata Roy out of jail, Sahara Group today landed in a soup again as the Supreme Court asked it to explain how it encashed securities, deposited with RBI, and diverted them to pay depositors to the tune of Rs 484 crore without the court's nod. The apex court also allowed Reserve Bank of India (RBI) to initiate action against Sahara India Financial Corporation Ltd (SIFCL), a non-banking financial firm, for allegedly "breaching" the central bank norms by encashing securities and diverting them to Sahara India, a partnership firm, for paying the depositors instead of depositing the amount in the SEBI- Sahara refund account as directed by it. A bench headed by Justice T S Thakur, which restrained the Group from further alienating and transferring remaining "directed securities" of SIFCL, sought a response as to how they diverted the money to the tune of Rs 484.67 crore despite a specific direction against it by the court on July 4, 2014.

NEW DELHI: Sahara's long-drawn dispute with regulator Sebi over investor repayments has begun to take its toll on salaries of the group's employees, which are getting delayed amid a major liquidity crunch. The salary delays are mainly being faced by the staff members in the corporate offices of the crisis-hit group, while there are also delays on certain statutory payments and operating obligations or expenses related to day-to-day business due to difficulty in fund flows. When contacted, a Sahara spokesperson confirmed the delays in salary and other payments, while adding that the junior staff members are being given priority for the payments.

NEW DELHI: In a fresh turn of events in the Sahara case, RBI today moved the Supreme Court seeking to implead itself as a party in the company's tussle with SEBI and sought to stop one of its firms from disposing off assets for securing the release of its chief Subrata Roy . In an application, the Reserve Bank of India (RBI), sought modification of the order allowing Sahara Group to sell its assets for generating funds. It has asked the apex court to restrain Sahara India Financial Corporation Ltd (SIFCL)

mumbai: sahara india investment corporation, sahara india corporation and sahara india housing corporation are making an open offer to acquire up to 12 lakh equity shares of livewell home finance, representing 20 per cent stake at rs 18 per share. the offer, which opens on march 12 and closes on april 10, 2002, was not conditional on any minimum level of acceptances, the sahara india consortium informed the bombay stock exchange on monday. siicl, sicl and sihcl had entered into an agreement on january 31, 2002, with malka komaraiah and srimukha investment and other shareholders of the company to acquire 40,14,400 (face value of rs 10)

LUCKNOW: Sahara India has launched 10 integrated township projects across Tier-II and -III cities in the country spread over 900 acres. It has also launched a new affordable housing brand called Sahara Swapna City that will be built on smaller land parcels across 360 cities. "There are some special issues around doing real estate. Land acquisition was a big issue, which took time. Approvals also took time but we have finally got approvals for these projects," said Subrata Roy , chairman of Sahara India.

NEW DELHI: The official sponsors of the Indian cricket team, Sahara, may decide to replace the Sahara logo on the shirts of Indian cricket players in the World Cup with the "Amby Valley" tag. This can become necessary as Sahara is being seen as a competitor to official World Cup sponsor, the South African airlines, SAS. The ICC advertising clause on ambush marketing, therefore, prohibits the use of Sahara logo on the player's jersey. In the Champion's Trophy played last year, Sahara had opted to use the name of its chairman Subrato, instead of Sahara, but that was not to the taste of ICC, which struck down the name change on the grounds that the Sahara logo was still present in the new design.

LUCKNOW: The FMCG and retail arm of Sahara India group, branded as 'Q Shop' is expected to grow into a Rs 12,000 crore business in the next four years and would drive a major part of the groups overall revenues, said Sahara India chief Subrata Roy . The para banking to real estate group, Sahara India launched Q Shop last year to provide high quality unadulterated products and has grown into 1,057 exclusive shops in 425 cities....

LUCKNOW: The Lucknow bench of the Allahabad High Court on Tuesday issued notices to the Uttar Pradesh government, Lucknow Development Authority, Lucknow Municipal Corporation and Sahara India on a PIL over the alleged transfer of some land in the posh Gomti Nagar area here. The petitioner had alleged that green trees were being felled in the area and the plot was transferred to Sahara India without changing its use. A division bench comprising Chief Justice H L Gokhale and Justice Sanjai Mishra posted the matter for further hearing on February 26.

NEW DELHI: When DLF Commercial Projects Corporation - a partnership firm in which India's largest real estate firm, DLF, held 74% - filed its income-tax returns in September 2009, declaring a loss of 20.1 crore, the assessing officer could not understand certain transactions. One such transaction was 3,717 crore received as advances by DLF Commercial from its parent, on which it paid no interest and invested this amount in more than 100 firms. The assessing officer ordered a 'special audit' - a relook at the company's accounts by an auditor appointed and paid for by the I-T department.

LUCKNOW: The division bench of the High Court in Lucknow on Wednesday advised Securities and Exchange Board of India ( Sebi ) to seek clarification on the point whether the Supreme Court's order regarding seizure of assets was meant only for Sahara Housing Investment Coproration ( SHICL ) and Sahara India Real Estate Coproration ( SIRECL ) or for all group companies. Sahara India had filed a writ before Lucknow bench of the Allahabad High Court seeking quashing of market regulator Sebi's February 13 order.